Silver Experiences $645 Million ETP Loss in One Day

A week after nearing one definition of a bull market, silver price, on Jan. 29, fell the most since 2013, wiping $645 million in one day from the value of global funds linked to silver.

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The volatility in silver over the past five years has been about double that of gold, data compiled by Bloomberg show. Bigger price swings increase the chances of bigger losses compared with more stable assets.

Holdings in ETPs backed by silver fell 0.3% last month, after declining 3% in December, while gold holdings jumped 4.1% in January, data compiled by Bloomberg show. Retail investors account for 80% of US purchases, ETF Securities LLC estimates.

With a 2.2% increase on Thursday, February 5, Indian silver was the biggest mover on the Global Precious Metals MMI®. Japanese silver finished the day up 1.9% to JPY 658.00 ($5.61) per 10 grams. Following a two-day drop, the price of Chinese silver increased by 1.4% to CNY 3,645 ($583.56) per kilogram. The price of US silver increased 0.3% to $17.33 per ounce.

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The price of Chinese gold bullion rose 0.9% to CNY 256.30 ($41.03) per gram after a two-day drop. After falling for two days, the price of Indian gold bullion rose 0.7% to INR 27,670 ($447.38) per 10 grams. The price of US gold bullion is back up, rising by 0.7% on Thursday to close at $1,269 per ounce. Following a 0.3% rise yesterday, the price of Japanese gold bullion closed at JPY 4,791 ($40.84) per gram.

Chinese platinum bar saw its price rise 0.8% to CNY 267.00 ($42.75) per gram. After a 0.7% increase, US platinum bar finished the day at $1,240 per ounce. At JPY 4,667 ($39.79) per gram, the price of Japanese platinum bar was essentially unchanged.

Chinese palladium bar prices inched up 1.7% to CNY 179.00 ($28.66) per gram. At $790.00, the price of US palladium bar finished the market day up 0.6% per ounce. Japanese palladium bar held its value yesterday at JPY 2,944 ($25.10) per gram.

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